Turnover in respect of speculative transactions & section 271B Penalty

Santosh Kumar Vs ITO (ITAT Jaipur)

Tribunal has considered the guidance note of ICAI in respect of the tax audit U/s 44AB of the Act wherein the turnover or gross receipt in respect of speculative transactions has been considered as some total of positive and negative outcome of the speculative transactions. This Tribunal in a subsequent decision dated 17.02.2020 in case of Shri Sanjay Prakash vs. ITO in ITA No. 1052 to 1054/JP/2019 has again considered the said this issue and by following the earlier decision accepted the contention of

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